Transit Village deal fails to win West Palm support

Artist’s rendering of the proposed Transit Village development, at the corner of Tamarind Avenue and Banyan Boulevard.

An office/apartment/hotel project linking Tri-Rail, bus, trolley and car commuters while promising 4,000 jobs, educational programs, local business incentives and home ownership help to abutting poor neighborhoods crashed and burned Monday, with city commissioners squeamish about the developer’s request for a subsidy from property taxes generated by the project.

Developer Michael Massanoff and his team sought to make a full presentation to the mayor and city commissioners, who were gathered as the Community Redevelopment Agency, to explain how he’d revised the plan and reduced the requested tax subsidy in response to criticisms they made in January. But Mayor Jeri Muoio, though complimenting the project itself, sharply limited his time to explain the proposal and the numbers. Two motions to approve the deal didn’t even get a second.

Massanoff is left to try renegotiating a deal for city staff to again present to the board. Or, the disappointed developer noted afterward, since the land is owned by the county, he could just work out a development deal with the county and leave the city out of the loop.

City officials noted that the $25 million in tax increment financing he was willing to accept was 12 times more than the previous highest amount given a developer. Massanoff countered that his transit-oriented project would create public benefits that others do not.

We’ll have a more detailed story this week in The Palm Beach Post, on the deal and what went wrong.